Bitget Partners with TRON DAO, Acquires $10M in TRX: BGB Hits ATH

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I find the recent partnership between Bitget and TRON DAO intriguing. Having closely followed Justin Sun’s endeavors since his early days at Ripple, it’s fascinating to see how TRON has grown into a significant player in the blockchain space.

In a recent announcement, top digital currency trading platform Bitget has teamed up with TRON DAO, a well-known Layer-1 blockchain founded by crypto entrepreneur Justin Sun. As part of this strategic alliance, the Seychelles-based exchange purchased an impressive $10 million worth of TRX, which currently ranks as the tenth-largest cryptocurrency by market capitalization.

The Tron blockchain is strengthening its influence within the digital assets sector by teaming up with Bitget. According to Sun’s statement, the aim is to support developers, stimulate growth, and make TRON more user-friendly for all. It is worth mentioning that at this moment, the network ranks third in terms of total value locked (TVL), which amounts to $7.57 billion, as per DefiLlama’s data.

Tron has handled over 9 million transactions since its launch, primarily due to its low fee structure per transaction. As reported by IntoTheBlock’s data, the fee for a single transaction is approximately 1.21 TRX when each token is priced at $0.2506.

Due to their low costs, swift confirmations, and straightforward setup for meme coin projects on the blockchain, there has been a steady rise in daily active addresses on the blockchain since July 2023. As of December 16th, Tron boasted approximately 2.87 million active addresses, with an additional 197.6K addresses joining the network on that day.

As a researcher, I’ve been monitoring the cryptocurrency market, and today I noticed that Tron (TRX) is currently trading at $0.2521. This represents a 8.43% decrease in the past 24 hours and a more significant drop of 42.89% from its all-time high of $0.4407, which was reached just 16 days ago. Despite this, TRX has shown positive growth over the last 30 days with an increase of 24.02%. However, in the past week, it has experienced a substantial decline of 18.19%. Currently, its market capitalization stands at approximately $21.76 billion.

Bitget Token (BGB) Hits New ATH

As an analyst, I’d note that Bitget retains its position as one of the top six crypto exchanges by daily trading volume, having facilitated transactions amounting to $10.1 billion over the past 24 hours. However, when it comes to derivatives trading, this platform moves up to third place with an astounding $63.27 billion worth of trades executed in the same timeframe. Lastly, the Bitget Exchange Token (BGB) currently stands at a price of $4.32, experiencing a minor increase of 0.88% over the last day, and boasting a market capitalization of $5.87 billion.

Approximately 11 hours ago, Bitget Token (BGB) hit a record high of $4.88. In just the past seven days, its value has soared by 29.56%. Over the last month, it has experienced an even more significant increase of 216.66%. Since last December, this cryptocurrency has seen remarkable growth, with gains totaling 553.05%, placing it among the top performers compared to other well-established digital assets.

Source: TradingView

In the image provided, the Relative Strength Index (RSI) for BGB stands at 88.30, indicating that the bulls currently have control over the cryptocurrency’s price movement. The line’s slope hints at a brief period of relaxation. At the time of publication, BGB is in an overbought state, suggesting a potential correction may occur soon.

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2024-12-19 22:57